Dollar market runs out of steam for SSAs

Three undersubscribed SSA dollar deals in a week drew many market participants to conclude that issuance in this sector could already be over for the year as a 10bp rally in yields and tightening swap spreads led investors to take a cautious approach towards the primary issues launched this week.

  • 20 Nov 2009

A $1bn two year global bond for the African Development Bank was the only successful transaction while deals for European Investment Bank, Cades and KfW all failed to gain full subscription, with bankers pointing to the EIB seven year trade as the worst.

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European Sovereign Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 Barclays 7,850.85 11 9.64%
2 BNP Paribas 7,280.82 10 8.94%
3 JPMorgan 6,400.12 9 7.86%
4 Citi 6,397.23 7 7.85%
5 HSBC 5,782.53 9 7.10%

Dollar Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 07 Mar 2017
1 JPMorgan 13,983.25 38 11.62%
2 Citi 12,835.76 34 10.66%
3 TD Securities Inc 9,199.65 20 7.64%
4 HSBC 8,885.36 22 7.38%
5 Deutsche Bank 7,825.80 21 6.50%

Bookrunners of Euro Denominated SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Mar 2017
1 Barclays 16,566.61 33 9.78%
2 JPMorgan 14,128.94 27 8.34%
3 Bank of America Merrill Lynch 12,288.23 26 7.26%
4 Credit Agricole CIB 11,879.83 26 7.02%
5 HSBC 11,124.72 31 6.57%

Bookrunners of Global SSA (Excl US Agency)

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 13 Mar 2017
1 JPMorgan 33,561.40 143 8.59%
2 Citi 28,071.02 97 7.18%
3 Barclays 27,149.68 62 6.95%
4 HSBC 24,052.21 82 6.16%
5 Bank of America Merrill Lynch 21,972.67 68 5.62%